At the heart of Andrew Cuomo’s charges of fraud against Ken Lewis, Joe Price, and Bank of America is the allegation that they were aware of much larger losses at Merrill Lynch than they let on to shareholders or regulators.
This must be a relief to John Thain and other executives at Merrill Lynch. Cuomo has concluded that the Merrill executives did not hide anything from their counterparts at Bank of America. Quite the opposite.
“Merrill Lynch was transparent in providing its financial information to BoA,” the complaint states.
Somewhere John Thain, who was vilified after the losses became public knowledge and forced to resign shortly after the deal closed, must be smiling.